Stocks

DHFL shares fall as RBI starts resolution process

PTI New Delhi | Updated on December 02, 2019 Published on December 02, 2019

Shares of Dewan Housing Finance Corporation on Monday fell nearly 5 per cent to hit their lower price band after the RBI filed an application to initiate an insolvency resolution process against the company.

Shares of the troubled firm fell 4.83 per cent to trade at Rs 19.70 on the BSE. On the NSE, the stock fell 4.83 per cent to Rs 19.75.

The Reserve Bank on Friday sent the troubled mortgage lender Dewan Housing Finance (DHFL) for bankruptcy proceedings, making it the first financial services player to go to the NCLT for a possible debt resolution.

“The Reserve Bank today (Friday) filed an application for initiation of a corporate insolvency resolution process (with the NCLT Mumbai) against DHFL under Section 227 of the Insolvency and Bankruptcy Code,” the RBI had said in a statement.

Published on December 02, 2019
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